Stanford Carr’s Halekauwila Place affordable rentals on track for March completion

Hawaii developer Stanford Carr’s $70 million, 204 affordable rental project in Kakaako, Halekauwila Place, is scheduled to be completed in March, the state agency overseeing the redevelopment of the Honolulu neighborhood said Thursday.

The Hawaii Community Development Authority said it provided gap financing for construction of the project, which will have rents that range in price from $956 a month for a studio to $1,389 a month for a three-bedroom unit.

The units are available to tenants making less than 60 percent of the area median income in Honolulu, or about $36,000 to $41,000 a year for a single person, the HCDA said.

The project is being financed through three separate sources, including $25 million from the U.S. Department of Housing and Urban Development through PNC Bank, $28 million through the issuance of low-income tax credits and $17 million from subordinate gap financing from the HCDA.

Halekauwila Place is considered the first phase of the 690 Pohukaina project, which will include a workforce housing component that targets people who earn up to 140 percent of area median income.

Interested applicants can contact the leasing company and get more information through the Halekauwila Place website.

HAWAII AMERICANA REALTY

For the past 14 years, Mark G. Howard has practiced his skills as a licensed Realtor in Santa Fe, New Mexico, Las Vegas, Nevada and now Principal Broker & President of 'Hawaii Americana Realty', in Honolulu, Hawaii. He has gained a competitive edge in the real estate market by earning his status as an Accredited Buyer’s Representative (ABR).